On Monday, the U.S. EPA released a proposed rule aimed at reducing carbon emissions by 30% in 16 years. The new regulation is the largest, most costly and most significant rule in its history. Analysis shows that Americans will pay significantly more for electricity, see slower economic growth and fewer jobs, and have less disposable income. Additionally, potential EPA regulations would result in a very slight reduction in carbon emissions, which would be overwhelmed by global increases.With an expected increased price for electricity, North Carolina’s manufacturers are especially vulnerable, as they rely on relatively low energy costs as a competitive advantage. Analysis shows from 2014-2030, the South Atlantic Region is expected to see an average annual decrease in GDP on $10.5 billion and a loss of 59,700 jobs. Additionally in the same time frame, consumers in the South would be hit with an annual average increase of $6.6 billion and in total a $111 billion increase in energy costs. Manufacturing in North Carolina serves as our states largest employing industry and biggest contributor to our state’s GDP. These regulations will be a huge blow to our manufacturers and the jobs they provide.

The North Carolina Chamber is part of a national coalition, the Partnership for a Better Energy Future, that is made up of stakeholders representing nearly every segment of the U.S. economy, unifying in our support for responsible, smart energy regulations. The Partnership aims to educate and mobilize the broader business community and elected and public officials to address widespread concerns with the proposed greenhouse gas rules. We will continue to keep you informed on developments around this issue.

Additional Resources:

Vice President, Government Affairs
North Carolina Chamber